Brits 'waiting for further price falls' in European property market

While the pound is hardly booming, the euro is enduring a period of effective freefall in comparison, and many Brits have been looking for the ideal opportunity to take advantage of the situation.

And as the various property markets on the continent stumble, stutter and struggle on the path to achieving any real sense of stability, it appears that some people are still waiting for further price falls before cashing in.

That's according to Les Calvert, director at Property-Abroad.com, who says that Brits thinking of investing overseas are holding off until they can see how the market reacts to the latest Greek election.

"I think there is probably a bit more to go as far as property price reductions are concerned in Greece before they start to jump in," he said.

"I think that what people are doing is feeling their way around what is available in the market and then keeping their eye on those particular properties with a view to possible price reductions when things bottom out."

With popular holiday destinations such as Spain and Greece experiencing particular problems with their economy, it could be that investing in the near future will enable Brits to benefit from the turnaround in fortunes that - by logic - has to occur at some point in the coming years.

What's more, considering the profits that can be made from letting villas and apartments to holidaymakers looking for somewhere to stay for a week or two in the summer, buying property on the continent could be a business venture as well as an acquisition for the sake of leisure.

Whatever the motivation behind investing abroad, holiday home insurance will be vital to protecting an owner's assets during the time that they are on UK shores and not occupying their foreign retreat.